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The following year-end information is taken from the December 31 adjusted trial balance and other records of Leone Company. Advertising expense Depreciation expense-Office equipment Depreciation expense-Selling equipment Depreciation expense-Factory equipment Raw materials purchases (all direct materials) Maintenance expense-Factory equipment Factory utilities Direct labor Indirect labor Office salaries expense Rent expense-Office space Rent expense-Selling space Rent expense-Factory building Sales salaries expense $ 67,000 46,000 47,000 89,000 990,000 47,700 40,800 556,000 83,000 50,000 30,000 72,000 173,000 415,000 Using the following additional information for Leone Company, complete the requirements below. Raw materials inventory, beginning Raw materials inventory, ending Work in process inventory, beginning Sales Work in process inventory, ending Finished goods inventory, beginning Finished goods inventory, ending Required: $ 198,000 203,000 59,000 3,227,000 63,000 83,000 91,000 1. Prepare the schedule of cost of goods manufactured for the current year. 2. Prepare the current year income statement.

The following year-end information is taken from the December 31 adjusted trial balance and other records of Leone Company. Advertising expense Depreciation expense-Office equipment Depreciation expense-Selling equipment Depreciation expense-Factory equipment Raw materials purchases (all direct materials) Maintenance expense-Factory equipment Factory utilities Direct labor Indirect labor Office salaries expense Rent expense-Office space Rent expense-Selling space Rent expense-Factory building Sales salaries expense $ 67,000 46,000 47,000 89,000 990,000 47,700 40,800 556,000 83,000 50,000 30,000 72,000 173,000 415,000 Using the following additional information for Leone Company, complete the requirements below. Raw materials inventory, beginning Raw materials inventory, ending Work in process inventory, beginning Sales Work in process inventory, ending Finished goods inventory, beginning Finished goods inventory, ending Required: $ 198,000 203,000 59,000 3,227,000 63,000 83,000 91,000 1. Prepare the schedule of cost of goods manufactured for the current year. 2. Prepare the current year income statement.

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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The following year-end information is taken from the December 31 adjusted trial balance and other records of Leone Company. Advertising expense Depreciation expense-Office equipment Depreciation expense-Selling equipment Depreciation expense-Factory equipment Raw materials purchases (all direct materials) Maintenance expense-Factory equipment Factory utilities Direct labor Indirect labor Office salaries expense Rent expense-Office space Rent expense-Selling space Rent expense-Factory building Sales salaries expense $ 67,000 46,000 47,000 89,000 990,000 47,700 40,800 556,000 83,000 50,000 30,000 72,000 173,000 415,000 Using the following additional information for Leone Company, complete the requirements below. Raw materials inventory, beginning Raw materials inventory, ending Work in process inventory, beginning Sales Work in process inventory, ending Finished goods inventory, beginning Finished goods inventory, ending Required: $ 198,000 203,000 59,000 3,227,000 63,000 83,000 91,000 1. Prepare the schedule of cost of goods manufactured for the current year. 2. Prepare the current year income statement.
Transcribed Image Text:The following year-end information is taken from the December 31 adjusted trial balance and other records of Leone Company. Advertising expense Depreciation expense-Office equipment Depreciation expense-Selling equipment Depreciation expense-Factory equipment Raw materials purchases (all direct materials) Maintenance expense-Factory equipment Factory utilities Direct labor Indirect labor Office salaries expense Rent expense-Office space Rent expense-Selling space Rent expense-Factory building Sales salaries expense $ 67,000 46,000 47,000 89,000 990,000 47,700 40,800 556,000 83,000 50,000 30,000 72,000 173,000 415,000 Using the following additional information for Leone Company, complete the requirements below. Raw materials inventory, beginning Raw materials inventory, ending Work in process inventory, beginning Sales Work in process inventory, ending Finished goods inventory, beginning Finished goods inventory, ending Required: $ 198,000 203,000 59,000 3,227,000 63,000 83,000 91,000 1. Prepare the schedule of cost of goods manufactured for the current year. 2. Prepare the current year income statement.
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